bigger bigrlyi for energy metals

Bigger Bigrlyi for Energy Metals


Monday, 27 November 2006

THE Bigrlyi uranium-vanadium deposit in the Northern Territory looks set to become larger for joint venture partners Energy Metals, Valhalla Uranium and Southern Cross Exploration, with drilling intersecting "significant extensions" to the current deposit.

Energy said results from downhole gamma probes included intercepts of 2.45m at 1.01% uranium from 161m and 5.95m at 1.01% uranium from 158m.

So far results from 30 holes have been received.

A reverse circulation and diamond drilling program started late last month will follow up on the results, with the program to push on until the start of the wet season.

The resource base is expected to be upgraded early next year, with drill testing of additional targets to resume in the June 2007 quarter.

Current resources at Bigrlyi total 11.4 million pounds uranium and 13.9Mlb of vanadium, using 500 grams per tonne uranium cut-off, with most resources within 100m from surface.

Bigrlyi is held 53.3% by Energy Metals, 41.7% by Valhalla Uranium, and 5% by Southern Cross Exploration.

Shares in Energy Metals climbed 8c to $2.83 while Southern Cross shares rose 2.4c to 7.7c in morning trading. Valhalla Uranium is a subsidiary of Paladin Resources.

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